MSP Commercial’s acquisition of the brand new Park Nicollet Rehabilitation Clinic in Burnsville was featured in Finance & Commerce’s “Just Sold” section. Article shown below.
Just Sold: MSP pays nearly $7 million for medical offices
Published by Finance & Commerce on January 3, 2020
By Anne Bretts
MSP Commercial, an Eagan-based health care real estate owner and developer, has paid nearly $7 million for a newly completed medical office building at 14451 Grand Ave. in Burnsville.
MSP Grand LLC closed Dec. 18 on the purchase from UPD Burnsville Medical LLC, an entity of Minneapolis-based United Properties.
The 18,550-square-foot building, which is fully leased to Park Nicollet Clinic Rehabilitation Services, is located on 1.70 acres south of County Road 42 and east of Interstate 35E.The price works out to $375.04 per square foot.
“This year we were a little heavier on acquisitions than development,” said Steve Miller, MSP vice president of acquisitions.
When this property became available, it made sense to add it to the company’s portfolio, he said.
The United Properties development team was led Rick McKelvey, senior vice president and lead developer of the building, and Naomi Ohnstad, development manager.
The MSP team was led by MSP President Alex Young, senior project manager Jennifer Williams and Miller.
MSP’s portfolio includes approximately 1.1 million square feet of space in 43 buildings that it manages, with about 80 percent of that developed by the company. Today 93 percent of the portfolio consists of medical offices or medical clinics.
Purchase price: $6,957,000
Price per square foot: $375.04
Last sale: N/A, new construction
Date of deed: 12-20-19
ECRV released: 12-20-19
Original article posted here: https://finance-commerce.com/2020/01/just-sold-msp-pays-nearly-7-million-for-medical-offices/